SMH just hit 800% IVP and 110% IVR. It broke the scale. And the ETF's implied volatility is sitting above its two largest holdings Nvidia and Taiwan Semi. Julia Spina ran a volatility decomposition on the top seven holdings and found that the smaller names are driving everything. Micron AMD and Intel have betas above two relative to the ETF. Their volatility is so extreme it outweighs the stabilizing effect of Nvidia and Taiwan Semi even though they make up a smaller percentage of the index. If you want broad sector exposure with less volatility Nvidia and Taiwan Semi individually are actually calmer than the ETF itself right now. 📊 tastylive: tastylive.com 📰 Get Tom's pre-market analysis every morning: tastylive.com/newsletters 📘 FREE Options Strategy Guide: tinyurl.com/bp9ms763 📱 Follow tastylive on X: x.com/tastyliveshow Chapters 0:00 SMH at 800% IVP: what is driving the volatility 2:00 Top seven holdings comprise 60% of the index 2:20...